Commissioner v. Sansome

60 F.2d 931 (1932)

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Commissioner v. Sansome

United States Court of Appeals for the Second Circuit
60 F.2d 931 (1932)

Facts

A New Jersey corporation (transferor corporation) had a large amount of earnings and profits. As a reorganization, the transferor corporation transferred all of its assets to a newly formed corporation (successor corporation) in exchange for all of the successor corporation’s stock. The transferor corporation then distributed to its shareholders all of the stock of the successor corporation. The successor corporation had no earnings and profits but made a cash distribution to its shareholders.

Rule of Law

Issue

Holding and Reasoning (Hand, J.)

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